Overclock you say? Not yet. I'd like to, but I've noticed a great improvement since I upgraded. I'm afraid that my knowledge of these kind of things are limited. If you'd be so kind to help me I've got no problems in trying and sending you the feedback.

I'm having this same issue except my processor is a core 2 E7500.I've updated the chipset software from intel and have the latest bios (2002) but I still get the ucode error.Hitting F1 does nothing and disabling it just makes the loading stop where the F1 would usually be.My board is a rev 2.Any ideas? I've searched around the internet but haven't come up with anything beyond update the bios, which I've done.

Some time ago I've got this P5LD2 Rev. 1.02 board with hope it'll work with Core2 CPUs but it doesn't due to VRM10. I don't think it's a good idea to use soldering iron and glue with modern CPUs pins, so I've tried it with P4 505 CPU.
Friend who gave me the board claimed that since a particular moment it hangs at boot time when "RAID is enabled" (I don't know what he meant - ICH6R RAID mode or IT8211 IDE enabled).
Original BIOS version flashed to the board was v.0815. For a 1-2 hours I was not able to boot the board in DOS mode (Win98) neither from USB drive, neither from IDE or SATA HDD, neither from FDD. However during boot from HDD XP boot menu showed, but boot process hanged when I'd selected Win98 DOS. :) I'm a programmer and PC service engineer since 1990, so trust me it's not my fail. :)

Clearing CMOS gave me nothing, so I realised it's buggy BIOS who prevent me to boot DOS correctly. It's stated in BIOS download section for this board that newer BIOS versions should be updated with newer AFUDOS, so I haven't even tried internal EZFLash (even don't know if it exist :)) to be sure i'll not get bricked board with bad boot block and wouldn't be forced to go far for a PLCC programmer.

For the last attempt I have successfully tried FreeDOS from the same IDE HDD from which Win98 DOS failed to boot. :) As soon as I've successfully boot the board I've immediately updated BIOS to the latest v.2002.

After that I can boot either Win98 DOS or FreeDOS without any problems (no reason to try WinXP for a while), but a new problem occured - BIOS writes "Intel CPU uCode loading error" and waits for F1. BIOS v.0815 didn't wrote anything. This means BIOS developer removed CPU microcode updates for old P4 CPUs... As I can see v.2002 ROM file still have a few free spaces inside so I can't realise why this P4 CPU support have been removed from the CPU code module of latest BIOS. Please take back older CPU support to the board which primary designation is P4 especially for pre 2.04G revisions. :)

For reference:
CPU microcode is a special CPU code intended to fix CPU errors discovered after CPU production. CPU manufacturers have learned from a scandal due to a last bug in the Pentium Pro processor, so they implemented technology which allows to fix most bugs discovered after CPU production with a special microcode updates loaded by MB BIOS to the CPU at boot time. Since that time users and IT community forget about such a problem like CPU error. But CPUs still have errors. But they simply fixed by the BIOS. Microcode updates supplied by the CPU manufacturers to the BIOS developers so latest BIOS update should contain latest microcode update. If you see BIOS message that microcode of your CPU was not updated this means that your CPU most probably will work fine, but there is no warranty it will work optimal and you'll not get a problem due to error in your CPU that was not fixed by BIOS.